If Mark Zuckerberg has a limit to how much he’s willing to spend on infrastructure to win the AI race, the CEO of Meta is doing a great job of hiding it.

On Wednesday, the social networking company boosted its capital expenditure plans by billions of dollars for at least the third consecutive quarter, even as rival Microsoft has eased up slightly on data center plans amid economic uncertainty and concerns that the industry’s feverish spending could result in overcapacity.

Meta said Wednesday that it now expects its 2025 capital expenditure to range between $64 billion and $72 billion, a sharp step up from the $60 billion to $65 billion range it forecast just three months ago, and an astounding sum compared to the $28 billion in annual capex that Meta spent just two years ago in 2023.

“The pace of progress across the industry and the opportunities ahead for us are staggering,” Zuckerberg said on the company’s earnings call Wednesday, as he stressed Meta’s goal of developing an even more capable level of AI he called “full general intelligence.”

“I want to make sure that we’re working aggressively and efficiently and I also want to make sure that we are building out the leading infrastructure and teams to achieve our goals,” he said.

“To that end, we are accelerating some of our efforts to bring capacity online more quickly this year as well as some longer term projects that will give us the flexibility to add capacity in the coming years,” Zuckerberg said. “And that has increased our planned investment for this year.”

Meta’s stock jumped more than 5% in after-hours trading on Wednesday, as the social networking giant announced quarterly earnings results that topped Wall Street expectations and a strong revenue forecast for the current quarter. Microsoft also reported better-than-expected financial results on Wednesday, sending its shares up roughly 7% in after hours trading.

Meta said it expects Q2 revenue to range between $42.5 billion and $45.5 billion, which would represent year-on-year growth of between 9% and 16%. The average analyst expectation called for Q2 revenue of $43.81 billion.With the markets in turmoil amid the Trump-imposed tariffs and the recent report of slowing growth in the U.S. economy, it was not clear if Meta would provide a forecast for the second quarter.

Meta said some of its increased capex was due to “an increase in the expected cost of infrastructure hardware,” a reference to the tariffs imposed by the Trump administration on key components in data centers.